Richard Thaler won the
Nobel prize for economics this week. He told the Economist that 'much
of what nudging is about is simply removing barriers'.
Dollar Shave Club is a good example of how a subscription business is applying behavioural economics. The customer insight was that most men use their razors for longer than is comfortable, so 'when the box turns up, it reminds them to change their razor, which feels really good.'
Listen to the whole podcast from The Economist here.
And for more behavioural economics subscription 'nudging' examples, see here.
It goes without saying is that the most effective nudges are the ones that enhance the customer experience. As Richard Thaler says' 'nudge for good'.
Dollar Shave Club is a good example of how a subscription business is applying behavioural economics. The customer insight was that most men use their razors for longer than is comfortable, so 'when the box turns up, it reminds them to change their razor, which feels really good.'
Listen to the whole podcast from The Economist here.
And for more behavioural economics subscription 'nudging' examples, see here.
It goes without saying is that the most effective nudges are the ones that enhance the customer experience. As Richard Thaler says' 'nudge for good'.
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